Daily Chart Report ? Thursday, February 20th, 2020
Sponsored By:
Today’s Summary
Thursday, February 20th, 2020
Indices: US stocks closed lower in today's session with the Dow Jones Industrial Average falling 128 points or 0.44%. The S&P 500 and Nasdaq fell 0.38% and 0.67%, respectively. The Russell 2000 was the strongest of the major indices, rising 0.21%.
Sectors: Real Estate led, gaining 1.12%. Technology lagged, falling 1.04%.
Commodities: Crude Oil futures were flat and continue to trade at $53.73 per barrel. Gold futures moved higher by 0.48% to $1,622 per ounce.
Currencies: The US Dollar Index gained 0.29%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.515%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today's Chart of the Day was shared on Twitter by Bhagyashree (@sunsofttech). It's a chart of the US 10-year Treasury Note, since 2016. As you can see, the 10-year Note is currently testing a critical resistance level. It's also coiled into a pennant pattern over the past few weeks, which suggests a strong move in either direction is imminent. The yield on the 10-year Note is already near a record low at 1.515%. If the 10-year Note resolves higher and breaks through this resistance level, it will likely send the yield on the 10-year to fresh all-time lows. A few years ago, market participants mocked the idea that the United States would ever enter a negative interest rate environment along with countries like Japan and Germany. However, as the 10-year Note continues to trend higher, the probability of negative interest rates in the US is becoming more and more likely.
Quote of the Day
“If everyone is thinking alike, then somebody isn't thinking.”
– George S. Patton (US Army General)
Top Links
SPX's 6-month Run Could Mean More Upside for Stocks - Schaeffer's Investment Research
The S&P 500 is currently up about 18% in the past six months. In this article, the team at Schaeffer's Investment Research takes a look at how the index tends to perform in the weeks/months following a gain of this magnitude.
Sentiment Stable - Bespoke
Here's a note from Bespoke that breaks down the results of this week's AAII Sentiment Survey.
Follow Up on Prior Themes and Sector Confirmation - Next Level Charting
In this video, Arthur Hill examines some of the most noteworthy technical developments in the market right now.
King Dollar Going To Lose Strength Here? Gold & Silver Hope So!!! - Kimble Charting Solutions
Chris Kimble points out that the Euro and the US Dollar are both testing key levels. He also discusses how these two currencies could impact precious metals.
What Lumber’s Hinting About Highs in Homebuilders - All Star Charts
Steve Strazza explains what a breakout in Lumber futures could mean for Home Building stocks.
Top 10 Tweets
$CL_F Crude Oil pic.twitter.com/C2SanZFaRx
— Ian McMillan, CMT (@the_chart_life) February 20, 2020